Working with an estate planning lawyer in Queens is your surest best to achieve an estate plan that covers all your interests and offers the best benefits.
When doing estate planning, there are so many things to consider and plan for, such as property in multiple states, the complexity of your estate and family situation, tax burden, etc. And when you have the best estate planning on your side, you can rest assured they will consider these things on your behalf and plan accordingly.
Are you looking for the best estate planning lawyers in Queens? We are here to give you all the help you need. We help in the creation of wills, powers of attorney, revocable trusts, irrevocable trusts, tax planning, etc. Our estate planning approach is aimed at capturing your desires, situation, and all that would possibly affect your estate and then adopting strategies that affect each concern.
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Essential documents for basic estate planning in Queens
1. Last Will and Testament for asset transfer
A last will and testament, simply called a will, is a basic estate planning document on which you express your wishes concerning how you want your assets distributed when you pass away.
While you can download will templates online, it is important you use only a New York will if you live in Queens. There are also several things to consider when drafting your will. It’s not all about allocating assets to beneficiaries. If you own property in multiple states, own a complex estate, are in a blended family, or look to avoid taxes, there are strategies an experienced estate planning lawyer in Queens will employ to help you achieve your goals.
If you find yourself in any of the following situations, it’s best to have an experienced lawyer customize your will:
- You are in a blended family and need assurance that your own kids from the previous marriage get a share in your inheritance when you pass away
- You have a child with special needs
- You have minors (children below 18 cannot inherit under New York laws)
- Incapacity can happen at anytime, and we need to plan for your care and asset management
- Your debts are heavy and would drain your estate significantly if they are to be paid
- You have a large estate that’s subject to huge estate taxes
- You wish to shield your assets from liens, nursing home costs, etc, while qualifying for Medicaid
- You have property in multiple states
- You have complexly owned assets and are unsure how they will pass on your death.
And there are local legal requirements for writing a valid will. If you are not familiar with these laws, it’s best to consult an estate planning lawyer near you.
2. Living trust for asset transfer and probate avoidance
In addition to transferring assets quickly, living trusts offer other benefits like probate avoidance. They are best for complex estates since the court, which makes things more complex, will no longer be involved in the asset transfer. You can also name a successor trustee who will manage the trust assets on your behalf in the event something happens to you.
3. Durable power of attorney for incapacity planning
A power of attorney is a document on which you authorize someone (known as an attorney-in-fact) to make financial decisions on your behalf when you are unable to handle such matters yourself. By creating a durable power of attorney now that you are competent, you would have someone to manage your affairs should you become suddenly incapacitated at anytime. This is incapacity planning, and our estate planning lawyers in Queens give it priority in your estate plan.
4. Healthcare surrogate
The healthcare surrogate is also known as the medical power of attorney. In this case, you would be authorizing someone to make healthcare decisions for you when you become unable to make them yourself due to a critical medical condition.
5. Living will
Also called an advance healthcare directive, a living will allows you make decisions on what medical actions you would want taken when you are in an end-of-life situation.
What assets can you pass with your will in Queens, NY?
Only assets held in your name only can go in your will. These assets are called probate assets.
Your real property jointly owned with your spouse, properties titled in a trust, life insurance proceeds and transfer-on-death accounts (all of these already have beneficiaries named in the documents) cannot go in a will because they already have their own designated beneficiaries.
Intestacy in Queens, NY
If you die without any form of asset transfer plan in place (will or trust), your estate is declared an intestate estate. In intestacy, your wishes are not known, so the court will decide who has a share. By default, in Queens and throughout New York, your spouse will receive the first $50,000 and half of your estate while your children receive the rest.
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